The Minister of El Salvador says it is too early to use Bitcoin to pay wages

The Minister of Labor and Social Welfare of El Salvador stated that the country is not yet ready to adopt Bitcoin (Bitcoin) Is used to pay wages.

On a Wednesday tweet, Rolando Castro denies local reports claim On Monday, his department has begun to analyze the possibility of bitcoin-based wages with officials from the Ministry of Finance and the Ministry of Economy.

Castro emphasized that he was only answering a question and said that “it is too early to talk about wages.” The official added that he is now focusing on finding more and better jobs for Salvadorans. “The currency issue belongs to the economic cabinet, and I am not part of it,” he pointed out.

A week after El Salvador passed President Nayib Bukele’s bill, the minister made the above speech. Act to make Bitcoin legal tender domestic. Since then, cryptocurrency influencers have flocked to this small Central American country to meet with Bukele.

related: Despite El Salvador’s legal tender laws, remittance companies are still reluctant to support BTC

As mentioned earlier, El Salvador’s Currency Integration Act of 2001 provides a legal basis for replacing El Salvador’s Colon with U.S. dollars, stipulating that wages and expenses can only be paid in Cologne or U.S. dollars. It is not clear whether the approval of Bitcoin as legal tender in El Salvador will expand or replace existing laws.President Naib Bukler’s draft law status “Taxes can be paid in Bitcoin” and “For accounting purposes, the U.S. dollar will be used as the reference currency.”